Project Profile
Value: $100 Million
Contract Type: Exploration
Project Status: Drilling & Appraisal
Startup Year: 2015
Itheria Prospect - Prospective Resource volumes for the 100% interest in Block 9 in the Itheria prospect were estimated by RPS at an un-risked Best Estimate of 300 million barrels of oil (MMBO) and 225 billion cubic feet (BCF) of solution gas for a total of 338 MMBOE. For the 45% interest of Kulczyk Oil, the corresponding volumes are 135 MMBO, 101 BCF and 152 MMBOE.
The planned total depth of Itheria-1 is 3,200 metres and estimated drilling time is 66 days. The well will evaluate a four-way dip closure and is expected to spud in June, 2011. The Company plans to move the drilling rig from the Itheria-1 to the second well in the 2011 program, Bashaer-1, shortly after completion of drilling operations on Itheria-1. The Bashaer-1 well has a planned total depth of 2,600 metres at a location approx. 10 kms northwest of Itheria-1.
Operators:
Kulczyk Oil Ventures Inc.: 20% interest
MENA: 60% interest
Triton Petroleum Pte Ltd.: 20% interest